Source: Fortune
Summary
The US housing market has had a rough start to the spring season, with home sales falling 3.6% in March compared to February, and down 1% from a year prior. The National Association of Realtors (NAR) attributes the decline to high mortgage rates and weakening sentiment among homebuyers. The median home price reached a record high for March at $408,800, and the industry’s seasonal rhythm has been disrupted. NAR’s chief economist, Lawrence Yun, expects the market to remain sluggish, with the annualized sales pace below 4 million for the first time since June.
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The numbers tell one story.
Home sales fell, despite the traditional spring buying season. The National Association of Realtors (NAR) revised its expectations for home sales growth this year to 4%, down from its earlier projection of 14%. Zillow’s outlook for 2026 changed drastically depending on how long high rates and unemployment weigh down the housing market. Homeowners are holding onto relatively low rates and staying put, rather than putting their houses on the market.
The traditional sweet spot for homebuying is losing its seasonal charm.
Author: Evan Null
